By Rebecca Feldhaus
Murray, KY – Kentucky payday lenders have a new way to ensure borrowers aren't exceeding their limit. Starting tomorrow, Florida-based Veritech Solutions will open the database that surveys borrower transactions across the state. The system was part of 2009 legislation which affects 724 companies across the Commonwealth. Kentucky Department of Financial Institutions spokesperson Kelly May says before the system, lenders could not check lending status across company lines. Borrowers are only allowed to have two payday loans at a time totaling less than $500. May expects the new system will reduce payday loan transactions by 18 to 20 percent.